Igloo, Inc., the company behind the Pudgy Penguins NFT, has announced it raised $11 million in funding for its latest blockchain project. The round, led by Peter Thiel’s Founders Fund, will support the development of a new Ethereum-based Layer 2 solution aimed at boosting crypto adoption.
Igloo Targets Consumer Blockchain
The press release on Tuesday revealed that Igloo will use the funds to support Cube Labs, a new venture focused on developing Abstract, a Layer 2 platform designed for widespread crypto adoption.
Abstract aims to create opportunities for crypto developers and major brands globally by integrating digital ownership technology into everyday activities like work, social interaction, and play. Cube Labs is adopting a user-first approach in building Abstract, with plans to launch a testnet soon in preparation for the next generation of consumer crypto products and enhanced on-chain experiences.
Zero-Knowledge Powered
Abstract will utilize zero-knowledge (ZK) proof technology to ensure security and enable fast, low-cost transactions. The platform will integrate ZK Stack and EigenLayer’s data availability layer, EigenDA, to enhance its decentralized finance ecosystem.
“Our mission is to build infrastructure for the next wave of consumer crypto applications,” said Cube Cygaar, Chief Technology Officer at Cube Labs. Cygaar emphasized the importance of collaborating with platforms and stakeholders to improve the user experience in crypto.
Igloo’s flagship NFT, Pudgy Penguins, has seen significant success under its new team, including milestones like the launch of Pudgy Penguins-branded toys at Walmart and Target.
The funding round also attracted investment from Fenbushi Capital, Everest Ventures Group, 1kx, and Selini Capital.